Blog Archives

Why candidates have become a rare commodity

No doubt you’ve heard, Australia’s unemployment rate has fallen to 4% – the lowest since 2008 – and is predicted to fall even lower. SEEK recently confirmed that they are experiencing an all time high in available jobs, coupled with the lowest candidate availability since 2012. Furthermore, the recruitment website confirmed a 40% increase in jobs Australia wide, with an 80% increase in Victoria alone!

In our post-covid capital cities, let alone regional centres, candidates have become a rare commodity. A unique series of events, including continuing Covid outbreaks and mutations, lockdowns, border closures, travel restrictions, lack of migrants, students and working holiday travellers, has combined to create a perfect storm.  And there is no shortage of jobs. I will take this opportunity to send a shout out to all the human resources, hiring managers and recruiters who have displayed continued resilience after everything the last two years has thrown at us. We’ve taken yet another deep breath, dived deeper into the diminishing candidate pool, and continued to successfully place top performing talent – but it is TOUGH!

Engaging candidates (whether passive, engaged, open to a conversation etc.) is actually more than just contacting potential hires. I’m sure those of us on the recruiting frontlines have experienced the highs and lows of candidates: no-shows at interviews, ghosting, withdrawals at the last minute, accepting another role that seemingly came out of the blue, unrealistic salary demands (not so unrealistic as it turns out, when the push for higher remuneration is being met elsewhere)… I could go on! In addition to this, working from home, hybrid work and flexible working arrangements are now arguably the most import factor in determining whether a candidate is even interested in a new role.

In today’s market, understanding the motivation behind an individual’s career move is more important than ever. Whilst salary, work-life balance, career management, professional development, interesting projects and meaningful work are not particularly new concepts, taking the time to explore a candidate’s motivators is somewhat novel. It may surprise some of you to read that I have found the only way forward with candidates is to genuinely service and interact with them. Yes, it’s a return to our old school ways: over communicate, don’t make assumptions, close the conversation loop, gain commitment and follow the process.

If I had a dollar for every candidate that was genuinely shocked when they were called to advise they had been unsuccessful, were given valid feedback on why they didn’t get through an interview, or had a pep talk to prepare them for an interview with the hiring organisation…  

While it may seem candidate loyalty has wavered since the days where employers held all the cards, could it be that we all had a part in driving them away from us because we stopped genuinely caring? It’s food for thought.

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Posted in Business Support, Slade Executive, The world @work

Unravelling the Spaghetti Matriciana (aka the crazy labour market)

Three steps to hiring the best talent and at the right price.

Confused? It’s not just you. Right now the whole labour market is like a bowl of starchy spaghetti and you need to be super dextrous to unravel the threads to sate your appetite. You want the talent, but you and countless others can’t afford the premium. In this blog, we’re setting out the three fundamental steps to beating the competition in order to hire the talent you need. We suggest you don’t even try and make sense of the macro data – we’ve been listening to the economists too and none of them has nutted out the strange equation of the current Australian labour market.

Step 1.

Understand the value of high performing and high potential talent.

These two categories of employees are gold. Make sure you identify what you are looking for in a new hire – do you want this person to perform in the same capacity for ever after, or step up in the future? High performers are shown to deliver up to 4x the productivity of your lower average performers, but will your organisation be able to create the culture for a repeat of that high performance, or to bring out the high potential in an almost there candidate? Sort this out so you know what gap you’re filling.

  Low Potential High Potential
High Performers Regularly exceed benchmarks
Lack skills to perform at a higher level
Set standard of behavioural excellence
Model leadership and cultural values
Low Performers Little-to-no aptitude
Repeatedly fail to deliver
Have above-average aptitude
Show inconsistent performance

Step 2.

As we’re back in the war for talent, have a co-ordinated hiring (attack) strategy agreed and set.

Take it from the troops on the ground – too many hiring organisations are losing out on good talent because of one simple fact – disorganised, muddled hiring processes. Hope and winging it will not land you high performing talent. Time delays, poorly prepared interviewers, managers who don’t understand the current labour market, and poor engagement will set you back in the bunker time and time again while the good talent is signed up to your competition. Take extra time up front to prepare your approach and timeline. If you’re the Commander, bring your internal Officers in on your approach early, and then make military-style moves.

Step 3.

The salary package you have on offer is important but for some organisations, top quartile compensation isn’t an option. What to do? Our advice is have the remuneration and benefits conversations early on – it saves time, money and heart-ache when late on in a negotiation it’s a deal breaker. And again, salary is only one part of the equation – make sure you’ve identified all the attractive benefits of working with your organisation – some of which you may take for granted, but which are great attractors. What else do you offer? Extra paid leave days, a good workplace and amenities, tailored professional development, culture and values alignment, wellness benefits, clear career paths, flexibly work schedule, recognition and rewards etc. Write them down and share with enthusiasm.

Bring them in and they will build!

What is your world @work?

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Posted in Slade Executive, The world @work